CSS Industries, Inc. (NYSE:CSS) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
CSS Industries, Inc. (NYSE:CSS) Files An 8-K Results of Operations and Financial Condition
On May 8, 2019, we issued a press release regarding the matters described in Item 2.05 hereof. The press release contains certain financial information regarding the Company’s fiscal year ended March 31, 2019. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated herein by reference.
The information provided in this Item 2.02 (including Exhibit 99.1) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by us to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 2.05 Costs Associated with Exit or Disposal Activities.
On May 2, 2019, we committed to a restructuring plan to reduce our cost base. As part of the plan, we are reducing our employment costs by eliminating certain positions, primarily in the United States and Hong Kong. We initiated these actions to better position ourselves for improved profitability and to better align our resources with our current business operations. These actions will largely be completed during the first half of fiscal 2020. We expect that the execution of this plan will result in operational efficiencies and a reduction of our overall cost structure. In connection with these actions, we expect to incur pre-tax restructuring charges in the first quarter of fiscal 2020 that are currently estimated to be between $2.0 million and $2.3 million, all related to employee severance costs. These changes are expected to require cash expenditures in the amount of the charges.
Item 7.01 Regulation FD Disclosure.
On May 8, 2019, we issued a press release regarding the matters described in Item 2.05 hereof. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated herein by reference.
The information provided in this Item 7.01 (including Exhibit 99.1) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by us to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 9.01 Financial Statements and Exhibits.
CSS INDUSTRIES INC Exhibit
EX-99.1 2 pressrelease-restructuring.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEMay 8,…
To view the full exhibit click
EX-99.1 2 pressrelease-restructuring.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEMay 8,…
To view the full exhibit click
hereAbout CSS Industries, Inc. (NYSE:CSS)
CSS Industries, Inc. is a consumer products company, which is engaged in the design, manufacture, procurement, distribution and sale of non-durable all occasion and seasonal social expression products, principally to mass market retailers in the United States and Canada. The Company’s occasion and seasonal products include classroom exchange Valentines, infant products, journals, buttons, gift wrap, floral accessories, craft and educational products, Easter egg dyes and novelties, memory books, scrapbooks, stickers, stationery and other items. Its Christmas products include decorative ribbons and bows, boxed greeting cards, gift tags, gift bags, gift boxes, gift card holders, tissue paper and decorations. Valentine product offerings include classroom exchange Valentine cards and other related Valentine products, while its Easter product offerings include Dudley’s brand of Easter egg dyes and related Easter seasonal products. Its brands include Paper Magic, Berwick, Offray and others.
